It is vital to know how to manage one’s money, especially as a first-year student. This means learning how to budget, actively saving every month, and having self-control when it comes to spending. The Standard Bank Group emphasises the importance of having a plan B on their website, as “[saving] means you have money when you need it, and you are never without essential funds”.
Elke Geerlings, a BCom Accounting honours student told PDBY that it is not always the expensive things that cost students the most money, something as small as buying coffee everyday can cause trouble. “You might think it is only one cup and one cup is not that expensive, but one cup quickly becomes 3 cups a day”.
As with coffee, all the new experiences and options that university life has to offer, could result in students running low on finances. Knowing how to manage one’s money, however, is the solution to this problem. The Standard Bank social group offers guidance on many social media platforms. This is an easy way for students to reach out and ask for help when experiencing difficulties with money management.
“… something as small as buying coffee everyday can cause trouble”
“It can be very difficult to manage your money when you are suddenly thrown into a new environment,” Nomfundo Silangwe, a second year law student, told PDBY. This new environment includes more options, new hangout spots and more expensive experiences.
Silangwe told PDBY that a common mistake students make is “thinking there’s more money coming”. She explained that often parents cannot send extra money in the middle of the month, and that is why she encourages students to learn the skill of managing money early on. “Students tend to forget to put money aside for emergencies”, added Silangwe.
Michael Fourie, a fourth year civil engineering student, recalled times during his first-year where he ran out of money before the end of the month. Buying brand name grocery items was the biggest contributing factor to his money problems. He wants to remind students that it is not always necessary to buy the most expensive product when there is another option for half the price.
“…learn the skill of managing money early on”
This is not the only tip that older students shared with PDBY, Silangwe’s golden tip is packing lunch for campus. Toni Ferreira, a third year BCom Business Management student, similarly believes in meal-prepping. “Making meals in advance saves you time and money”, she told PDBY.
Geerlings added that students should familiarise themselves with the specials around Hatfield to ensure that they get the best deals when they do decide to eat out. “Thursdays are student nights”, says Geerlings, a well-known fact amongst older students. Places like Springboks and Aandklas have specials for students every Thursday night. Fourie’s money-saving tip on a night out, is leaving bankcards at home. “Decide how much money you want to spend and only take that amount with you for the night”. Silangwe recommends that students only spend money on luxuries after they put enough money away for the necessities. When it comes to grocery shopping, Fourie always weighs up his options before buying.
“Making meals in advance saves you time and money”
The National Debt Advisors (NDA) makes an important statement on their official website, suggesting students “keep in mind that the key to financial success is being aware of how you are spending your money”. They also advise students to sell their used textbooks after every semester and to enjoy student discounts whenever can.
Old Mutual offers an app, 22seven, that aims to help people “budget, track and save” better, for free. Another valuable app is Varsity Vibe, which provides students with specials and deals across South Africa.
University may appear to be a lot of work but managing one’s money does not have to be challenging if dealt with pragmatically and sensibly.
CARLI BOTHA
Image: Darec Hall
